â€œFollowing the reactions which followed the decision by the UCI Licence Commission to refuse the registration of the Australian team Pegasus Sports as a Professional Continental Team, the UCI would like to explain some points in order to ease the discussions and allow for a better understanding of the context in which this decision was taken. The full reasons will be communicated to the teamâ€™s management in the next few days.

â€œFirst of all, the UCI would like to express its deep disappointment faced with the situation that has arisen: the project of a professional Australian team was a new and very important step in the process of the globalisation of cycling which is a strategic priority of our Federation. A successful outcome of this initiative would have stimulated the pleasing growth phase that our sport is experiencing, notably with the creation and development of high-level races on different continents.

â€œFor the UCI, the failure of Pegasus Sports is very bad news, but that cannot however affect the rigorous work our Federation carries out for cycling, or the respect that is due to all those who have fulfilled their obligations according to the regulation.

â€œWhile waiting to learn of the reasons for the decision announced by the Licence Commission on 20th December, the UCI can however presume that the refusal to register Pegasus Sports is based on a financial aspect, given the serious shortcomings the formation had presented.

â€œDespite the extended deadline of 15th December that was exceptionally granted by the Licence Commission, Pegasus Sports did not provide either a bank guarantee or sufficient financial guarantees for 2011.

â€œTo reply to certain declarations that have appeared in the press, the UCI feels obliged to explain that despite the public announcements, the management of the Pegasus Sports project proved to be rather unprofessional from the start.

â€œInformed of the registration procedures on 23rd June 2010 in the same manner as all the other teams, Pegasus Sports didnâ€™t respect the deadline of 1st October fixed for the initial registration requests.

â€œFollowing this first and significant non-conformity of the regulation, all the riders under contract with the Australian team obtained the right to free themselves from their commitment to the team.

â€œPegasus Sportsâ€™ request to obtain a UCI ProTeam licence had moreover not been able to be taken into account following the result of the sporting evaluation established by the UCI on October 20th, which ranked the team 23rd. As a result, the Pegasus Sports file was evaluated for a possible registration as a Professional Continental Team. However, given the shortcomings on the financial side, which could not guarantee that the team would survive the whole 2011 season, this option also had to be rejected.

â€œFollowing this decision and in line with the regulation, Pegasus Sports appealed to the Licence Commission, which took charge of the file.

â€œHowever, the team still did not change its attitude: it did not undertake the necessary steps to rectify the shortcomings regarding the UCI regulation, that were however indicated several times in the different reports established by the UCIâ€™s auditors.

â€œEven so, the Licence Commission granted an extended deadline (10th December) to Pegasus Sports so it could sort out its problems. Exceptionally, this deadline was even extended a further five days (15th December).

â€œYet, at the end of this ultimate chance, fundamental documents such as the bank guarantee and sufficient financial guarantees for 2011 are still missing from the Pegasus Sports file.

â€œThe UCI can now only sincerely regret this conduct from the leaders of Pegasus Sports and express its sympathy to all the riders and others involved with the Australian team who unfortunately bear the consequences.

I'm glad for McEwen and Hunter, and Team Radioshack too. However, It will be a righteous pita for some of the other team members to get decent rides next year. Hm, I've read Michael Rasmussen is looking for some riders..

I can understand that a lot of fans are upset and it becomes harder to view the whole scenario as a chain of events that led to failure of the team and easier to point the finger searching for a culprit. The article brings in some elements that present it as a bigger picture, plus a fascinating intrigue with the link to Bannan.

Lets see how GreenEdge go this year as they try and fit the bits together. I am sure that in a few months we get to hear more though have to hold out a bit until we get news on the recruiting, no doubt discussions (for rider recruiting) will be taking place the whole year.

Sven Nijs wrote:Got a feeling of Deja Vu when I saw Scott were sponsoring GreenEDGE. Wonder if they've been given the bikes they originally gave to Pegasus....

Was thinking the same thing - I can see the add ....

WTS - Australia : Pro-Tour teams worth of bikes and bits, no freight as already in Aus with some km on them. Still plenty of miles left in them. Some odd branding, but we can change that if you want - 1/2 reatil price - Contact Chris White for pickup address .....